Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple bulls attempt to breathe above water

Bitcoin price recovers 10% on the day after testing lows under $4,000.
Ethereum dips under $100 but bulls take charge blasting it towards $120.
Ripple price has traded a low of $0.1129 but an ongoing bullish reversal is seeing it climb the levels towards $0.1500.

The bloodbath in the cryptocurrency market is unlike any other drop seen in the history of the digital assets. The freefall may have been triggered by the Coronavirus, however, panic must have gripped the market with investors preferring to keep their money in other traditional assets or fiat. In the meantime, all we can report is the support shattering moves and the colossal value lost in less than 24 hours.

In the last two days, the total market capitalization has seen $118 billion wiped off. Besides, a $220 billion total crypto market share was posted on Thursday in comparison to the $118 billion at the time of writing. The selloff has, however, resulted in a surge in the trading volume from $131 billion on Thursday to $189 billion.

BTC/USD is attempting to reverse the downtrend, however, the high volatility means that patterns are erratic and price prediction even more difficult. At the time of writing Bitcoin price is trading at $5,174 following a 7% growth on the day. Despite the, minor recovery, the trend remains downwards. It is important that bulls fight to find support to avoid another dip to $3,886 (intraday low).

ETH/USD has tested the levels under $100 and reached a low of $89.64. Like Bitcoin, it is very difficult to forecast the price of Ethereum at the moment. It is dancing at $119 at the time of writing.

XRP/USD has also succumbed to the selling activities, exploring how deep the rabbit hole goes. Buyers seem to be pushing for recovery but selling pressure is still at peak. Ripple price is trading at $0.1400 at the time of writing.

Chart of the day: BTC/USD daily chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.